Elemental Holding Group has finalized the acquisition of Maryland Core Inc., one of the leaders in the platinum group metals (PGM) recycling market on the U.S. east coast. “Thanks to our ambitious investment policy, we are strengthening our position in the global supply chain of economically strategic raw materials,” said Krzysztof Spyra, management board member of Elemental Holding.
The acquisition of Maryland Core is another investment by Elemental Holding in the platinum group metals (PGM) recycling market. In December 2019, the group purchased a controlling stake in PGM of Texas, which has an extensive purchasing network in 11 locations across the U.S., as well as a modern processing plant and chemical laboratory. Through organic growth and acquisitions in Europe, Asia and North America, the Elemental Holding Group has increased its platinum group metals (PGMs) production volume from 42,000 oz t (1.25 t) in 2016 to nearly 500,000 oz t (15 t) in 2020.
“The integration of Maryland Core into the structure of the Elemental Holding Group is another important step in the implementation of our strategy. It envisages building the largest entity dealing with sourcing and green production of precious metals, including platinum group metals (platinum, palladium, rhodium) and copper group metals (silver, gold). As we integrate companies operating around the world, we invest in the latest technologies, thanks to which the production process is not only cost-effective, but also optimal for the environment,” said Spyra.
The platinum group metals (PGM) include platinum, palladium and rhodium, as well as iridium and ruthenium. A total of about 650 tons of these metals are obtained worldwide annually – about 500 tons from mines and about 150 tons from recycling. The largest producer of PGMs is South Africa, which accounts for 73 percent, 39 percent and 82 percent of the world’s platinum, palladium and rhodium output, respectively. Due to the depletion of deposits, the mining of PGMs is much more costly and burdening the environment than obtaining them through recycling.
The transaction was conducted by Elemental Holding Group in cooperation with the Polish International Development Fund, managed by PFR TFI, and the Polish Development Bank (BGK). The value of the transaction was around $11 million.
Published in the July 2021 Edition
